Cybercrime on the Rise in Lebanon’s Finance Sector

A Growing Threat

The Lebanese finance sector is facing a significant increase in cybercrime, which has become a major concern for authorities. The problem is no longer just regulatory but also technical, making it challenging to identify and track down culprits.

Serious Consequences

Cybercrime has serious consequences, including:

• Violating bank accounts
• Compromising financial data
• Hacking personal statements

According to Central Bank Governor Riad Salameh, confronting these individuals and organized groups has become a priority for international circles.

The Need for Coordination

Senior officials from the Internal Security Forces, the Special Investigation Commission, and the Association of Banks in Lebanon emphasized the need for a coordinated effort to combat cybercrime. This includes:

• Joining international treaties on combating cybercrime
• Developing a national strategy to tackle cybercrime

The Scale of Cybercrime in Lebanon

The head of the Special Investigation Commission, Abdul-Hafez Mansour, revealed that cybercrimes have increased in Lebanon over the past three years. In 2011, there was only one case involving cybercrime valued at $5,000. However, in 2015, there were 84 cases valued at $12 million, and in 2016, there have been 137 cases valued at $8.5 million.

The Economic Burden of Cybercrime

The conference highlighted the need for collaboration between the public and private sectors to tackle cybercrime in Lebanon. The organizers estimated that the total cost of cybercrime worldwide has reached $500 billion, making it a significant economic burden.

Immediate Action Required

In light of these findings, officials called on the government to take immediate action to develop a comprehensive strategy to combat cybercrime and protect Lebanon’s finance sector from this growing threat.